S&P trims Techniplas

S&P said it lowered its issuer credit rating on Techniplas LLC and the issue-level rating on the company's notes to CCC+ from B-. The recovery rating on the notes is unchanged at 4.

S&P removed all ratings from CreditWatch with negative implications, where they were placed on Feb. 6, 2019.

The outlook is negative.

“The downgrade reflects the company’s elevated refinancing and default risk due to its near-term maturities,” S&P said in a news release.

“We believe Techniplas is currently dependent upon favorable financial markets and economic conditions to meet its refinancing needs because we do not expect the company to have enough internally generated cash flow to repay the notes, which mature in May 2020, even if it significantly scales back capital spending.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.